$4183.9 Bn Gift Cards Market Expected with Companies Offerings By End-User Segments 2032 | InComm Payments, PayPal, Inc.
— Allied Market Research
NEW CASTLE, WILMINGTON, UNITED STATES, October 10, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Gift Cards Market,” The gift cards market was valued at $835.21 billion in 2022, and is estimated to reach $4183.9 billion by 2032, growing at a CAGR of 17.7% from 2023 to 2032.
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The gift card market is one of the most captivating areas of commerce, offering a huge sort of options for gifting.
Gift cards are prepaid debit cards that contain a specified sum of money that can be utilized for an extensive purpose. Store gift cards are intended for use at a particular store or retailer. General use prepaid gift cards that are used for general purposes are not associated with any specific merchant and can be used for cash withdrawals as well.
Gift cards that are intended to be utilized at certain retailers are referred to as store gift cards (closed loop). Conversely, prepaid gift cards that are intended for general use are referred to as general-use gift cards (open loop).
1) Closed-loop gift cards:
A closed-loop gift card is generally presented with the aid of a retailer and allows the cardholder to make purchases from that store. Generally, a closed-loop card can greatly be used with a single store, both in-store and at the retailer’s site. However, if a company owns multiple retail outlets, it is able to problem gift cards which might be redeemable at any of these stores. For instance, Gap Inc. offers gift cards that can be commonly redeemable interchangeably at its affiliated stores, along with Gap Inc., Banana Republic Inc., Old Navy Inc., and Athleta Inc.
2) Open-loop gift cards:
Basically, it’s like cash—or more correctly, it is a debit or credit card that can be used at any store wherein the card is authorized, as well as online. Open-loop gift cards are issued through most of the leading administrative or credit card issuers/processors, including MasterCard, American Express, Discover, and Visa. These cards will undergo the brand of the payment processor and can be used to make all varieties of electronic payments. One of the pleasant features of an open-loop gift card is that it acts like a traditional prepaid card. Most open-loop cards are reloadable, so the user can add funds to their personal as nicely.
The gift card market has seen significant growth over the years, driven by several key trends and growth factors. One major trend is the increasing adoption of digital gift cards, which offer greater convenience and flexibility for both consumers and retailers. Another gift cards market trends is the rise of personalized and themed gift cards, which cater to specific interests and occasions.
Growth factors for the market include the growing popularity of gift cards as a preferred gifting option, the rise of e-commerce and mobile commerce, and the expansion of the gift card market to new industries and sectors such as travel, experiences, and subscription services. In addition, advancements in technology and the use of data analytics are helping retailers to better understand consumer behavior and preferences, which is leading to more effective targeting and customization of gift card offerings. Overall, the gift card market is expected to continue growing as retailers seek to offer new and innovative gift card products that meet the evolving needs and preferences of consumers.
Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, In September 2022, global branded payments provider Blackhawk Network partnered with lifestyle brand H&M to launch the fashion and home design company’s B2B gift card program through Blackhawk’s B2B gift card platform. As part of the integrated gift card program, H&M joined other popular brands within Blackhawk’s vast network of B2B channels to offer physical and online gift cards for employee rewards, consumer incentives and fundraising.
Moreover, in July 2022, Givex Information Technology Group Ltd. (Givex), a global leader in omnichannel processing of gift cards, loyalty, and digital merchandise credit, announced the launch of its industry-leading gift card program with Pague Menos, the first retail chain present in the 26 states of the Federation and in the Federal District and with more than 40 years of operation. This product launch allowed them to reach maximum brand and product presence capacity in Brazil, and also use data intelligence to measure the numbers in each sales channel in order to achieve the best sales strategy and results. Therefore, such strategies adopted by the market players are increasing the market competition and leading the growth of the global gift cards industry.
Key benefits for stakeholders
• Gift cards Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the gift cards market players.
• In-depth analysis of the gift cards market outlook assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• The report includes an analysis of the regional as well as global gift cards market trends, key players, market segments, application areas, and gift cards market growth strategies.
• This report provides a quantitative analysis of the gift cards market segments, current trends, estimations, and dynamics of the gift cards market forecast from 2022 to 2032 to identify the prevailing gift cards market opportunity.
Gift Cards Market Report Highlights
By Card Type
• Closed-loop Card
• Open-loop Card
By End User
• Corporate Institutions
• Retail Establishment
• Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
• Europe (UK, Germany, France, Netherlands, Spain, Italy, Nordic Countries, Rest of Europe)
• LAMEA (Latin America, Middle East, Africa)
• North America (U.S., Canada)
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Key Market Players: Paytronix Systems, Inc., Amazon.com Inc., Qwikcilver Solutions Pvt Ltd., American Express Company, PayPal, Inc., Fiserv, Inc., InComm Payments LLC, Walmart Inc., Givex Corporation, Blackhawk Network
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